As filed with the Securities and Exchange Commission on November 29, 2017

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-04581

CORNERCAP GROUP OF FUNDS

The Peachtree, Suite 1700

1355 Peachtree Street NE

Atlanta, GA 30309

Gino Malaspina

Atlantic Fund Services, LLC

Three Canal Plaza, Suite 600

Portland, ME 04101

Registrant's telephone number, including area code: (404) 870-0700

Date of fiscal year end: March 31

Date of reporting period: April 1, 2017 – September 30, 2017

ITEM 1. REPORT TO STOCKHOLDERS.

Manager's Report to Shareholders (Unaudited)

September 30, 2017

Semi-Annual Report I September 30, 2017

Manager's Report to Shareholders (Unaudited)

September 30, 2017

www.cornercapfunds.com

Manager's Report to Shareholders (Unaudited)

September 30, 2017

Semi-Annual Report I September 30, 2017

Manager's Report to Shareholders (Unaudited)

September 30, 2017

www.cornercapfunds.com

Manager's Report to Shareholders (Unaudited)

September 30, 2017

Semi-Annual Report I September 30, 2017

Manager's Report to Shareholders (Unaudited)

September 30, 2017

www.cornercapfunds.com

Fund Expenses (Unaudited)

September 30, 2017

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including wire fees, redemption fees, and low balance fees, and (2) ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2017, through September 30, 2017.

Actual Expenses – The first line under each Fund of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes – The second line under each Fund of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire fees, redemption fees, and low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During
	April 1, 2017		September 30, 2017		Period^(a)
CornerCap Balanced Fund
Actual	$	1,000.00	$	1,050.43	$	5.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06

CornerCap Small-Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,063.59	$	6.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.58
Institutional Shares
Actual	$	1,000.00	$	1,064.71	$	5.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06

CornerCap Large/Mid-Cap Value Fund
Actual	$	1,000.00	$	1,076.40	$	5.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.06

Semi-Annual Report I September 30, 2017

Fund Expenses (Unaudited)

September 30, 2017

^(a) These calculations are based on the expenses incurred in the most recent fiscal half-year. The period's annualized six-month expense ratio is 1.00% for CornerCap Balanced Fund; 1.30% for CornerCap Small-Cap Value Fund - Investor Shares; 1.00% for CornerCap Small-Cap Value Fund – Institutional Shares and 1.00% for CornerCap Large/Mid-Cap Value Fund, respectively. The dollar amounts shown as "Expenses Paid During Period" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year (183), then divided by 365.

The expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, account maintenance fees or charges by processing organizations. The Funds do not charge any account maintenance fees or sales load, but do charge a 1.00% redemption fee that is applicable to all redemptions (sales or exchanges) made within sixty (60) days of an initial purchase of shares; provided, however, that the redemption fee will not apply if the shares to be redeemed are held in a retirement account subject to the Employee Retirement Income Security Act.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
COMMON STOCK (60.8%)
Advertising (0.6%)
	Omnicom Group, Inc.	2,935	$	217,395
Aerospace & Defense (0.6%)
	United Technologies Corp.	1,910		221,713
Banks (8.2%)
	Bank of America Corp.	8,510		215,643
	Capital One Financial Corp.	2,495		211,227
	Citigroup, Inc.	2,820		205,127
	Citizens Financial Group, Inc.	6,095		230,818
	Comerica, Inc.	2,890		220,391
	Huntington Bancshares, Inc.	15,540		216,938
	JPMorgan Chase & Co.	2,445		233,522
	KeyCorp	11,615		218,594
	Regions Financial Corp.	14,410		219,464
	SunTrust Banks, Inc.	3,870		231,310
	The Bank of New York Mellon Corp.	4,100		217,382
	Wells Fargo & Co.	3,945		217,567
	Zions Bancorp.	4,625		218,208
				2,856,191
Biotechnology (2.0%)
	Amgen, Inc.	1,230		229,334
	Biogen, Inc.^(a)	770		241,102
	Gilead Sciences, Inc.	2,875		232,932
				703,368
Building Materials (0.6%)
	DR Horton, Inc.	5,270		210,431
Chemicals (2.5%)
	Celanese Corp., Class A	2,300		239,821
	Eastman Chemical Co.	2,470		223,510
	LyondellBasell Industries NV, Class A	1,930		191,167
	PPG Industries, Inc.	2,030		220,580
				875,078
Commercial Services (1.2%)
	FleetCor Technologies, Inc.^(a)	1,420		219,774
	Nielsen Holdings PLC	4,645		192,535
				412,309
Computers (1.7%)
	NetApp, Inc.	5,545		242,649

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Computers (1.7%) (continued)
	Western Digital Corp.	2,525	$	218,160
	Xerox Corp.	4,158		138,420
				599,229
Diversified Financial Services (2.3%)
	Alliance Data Systems Corp.	820		181,671
	Discover Financial Services	2,780		179,254
	Morgan Stanley	4,315		207,854
	Raymond James Financial, Inc.	2,610		220,101
				788,880
Electric (1.2%)
	FirstEnergy Corp.	6,885		212,265
	TE Connectivity, Ltd.	2,520		209,311
				421,576
Electronics (0.6%)
	Corning, Inc.	7,135		213,479
Food (3.5%)
	Aramark	5,445		221,121
	Campbell Soup Co.	3,635		170,191
	Ingredion, Inc.	1,625		196,040
	Kellogg Co.	3,390		211,434
	The J.M. Smucker Co.	1,705		178,906
	Tyson Foods, Inc., Class A	3,205		225,792
				1,203,484
Healthcare Services (4.2%)
	Cigna Corp.	1,185		221,524
	DaVita, Inc.^(a)	3,690		219,149
	Eli Lilly & Co.	2,555		218,555
	HCA Healthcare, Inc.^(a)	2,440		194,200
	Humana, Inc.	855		208,304
	Laboratory Corp. of America Holdings^(a)	1,390		209,848
	Universal Health Services, Inc., Class B	1,645		182,496
				1,454,076
Insurance (4.1%)
	Aetna, Inc.	1,400		222,614
	Aflac, Inc.	2,730		222,195
	Everest Re Group, Ltd.	795		181,570
	Lincoln National Corp.	2,900		213,092
	Principal Financial Group, Inc.	3,185		204,923
	Prudential Financial, Inc.	1,590		169,049
	The Allstate Corp.	2,440		224,260
				1,437,703

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Leisure Time (0.6%)
	Carnival Corp.	3,330	$	215,018
Machinery - Construction & Mining (1.3%)
	Caterpillar, Inc.	1,895		236,325
	Deere & Co.	1,800		226,062
				462,387
Media (1.0%)
	Comcast Corp., Class A	5,510		212,025
	Viacom, Inc., Class B	5,500		153,120
				365,145
Miscellaneous Manufacturing (2.5%)
	Eaton Corp. PLC	2,880		221,155
	Ingersoll-Rand PLC	2,425		216,237
	Parker-Hannifin Corp.	1,325		231,902
	WestRock Co.	3,705		210,185
				879,479
Oil & Gas (5.7%)
	Cabot Oil & Gas Corp.	8,700		232,725
	Chevron Corp.	1,950		229,125
	ConocoPhillips	4,200		210,210
	Devon Energy Corp.	6,795		249,445
	Diamondback Energy, Inc.^(a)	2,365		231,675
	Exxon Mobil Corp.	2,690		220,526
	Marathon Petroleum Corp.	3,805		213,384
	Newfield Exploration Co.^(a)	5,060		150,130
	Valero Energy Corp.	3,175		244,253
				1,981,473
Pharmaceuticals (1.9%)
	AmerisourceBergen Corp.	2,620		216,805
	Merck & Co., Inc.	3,335		213,540
	Pfizer, Inc.	6,285		224,375
				654,720
Real Estate Investment Trusts (2.8%)
	American Homes 4 Rent, Class A REIT	5,045		109,527
	American Tower Corp. REIT	795		108,660
	Corporate Office Properties Trust REIT	3,010		98,818
	CubeSmart REIT	4,325		112,277
	Highwoods Properties, Inc. REIT	2,230		116,161
	National Retail Properties, Inc. REIT	2,725		113,523
	Park Hotels & Resorts, Inc. REIT	3,860		106,382
	PS Business Parks, Inc. REIT	850		113,475
	Ventas, Inc. REIT	1,675		109,093
				987,916

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Retail (1.8%)
	Altria Group, Inc.	3,420	$	216,896
	CVS Health Corp.	2,330		189,476
	The TJX Cos., Inc.	2,965		218,609
				624,981
Semiconductors (3.3%)
	Applied Materials, Inc.	4,645		241,958
	Broadcom, Ltd.	845		204,946
	Intel Corp.	5,820		221,626
	Lam Research Corp.	1,325		245,178
	Microchip Technology, Inc.	2,510		225,348
				1,139,056
Software (2.3%)
	CA, Inc.	6,360		212,297
	Citrix Systems, Inc.^(a)	2,450		188,209
	First Data Corp., Class A^(a)	12,315		222,163
	Oracle Corp.	3,795		183,488
				806,157
Telecommunications (2.3%)
	AT&T, Inc.	5,490		215,043
	Discovery Communications, Inc., Class A^(a)	7,505		159,782
	Juniper Networks, Inc.	7,525		209,421
	Verizon Communications, Inc.	4,335		214,539
				798,785
Transportation (2.0%)
	BorgWarner, Inc.	4,560		233,609
	Cummins, Inc.	1,340		225,160
	United Rentals, Inc.^(a)	1,765		244,876
				703,645
	TOTAL COMMON STOCK (COST $18,837,242)			21,233,674

EXCHANGE TRADED FUNDS (3.8%)
	Guggenheim BulletShares 2017 High Yield Corporate Bond ETF	24,635	633,489
	Guggenheim BulletShares 2018 High Yield Corporate Bond ETF	26,845	679,984
	TOTAL EXCHANGE TRADED FUNDS (COST $1,293,511)		1,313,473

		Principal Amount	Fair Value
GOVERNMENT BOND (3.2%)
	U.S. Treasury Inflation Indexed Note, 1.375%, 01/15/2020	$ 284,579	293,062
	U.S. Treasury Inflation Indexed Note, 0.125%, 01/15/2022	540,350	542,257
	U.S. Treasury Inflation Indexed Note, 0.625%, 01/15/2024	262,616	267,683

	TOTAL GOVERNMENT BOND (COST $1,101,551)		1,103,002

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

		Principal Amount		Fair Value
CORPORATE BONDS (26.1%)
Advertising (1.0%)
	Omnicom Group, Inc., 4.450%, 08/15/2020	$ 335,000	$	355,822
Auto Manufacturers (1.9%)
	Ford Motor Co., 9.215%, 09/15/2021	275,000		336,761
	General Motors Financial Co, Inc., 4.000%, 01/15/2025	325,000		331,348
				668,109
Banks (3.6%)
	Bank of America Corp., MTN, 4.750%, 08/15/2020	250,000		264,898
	JPMorgan Chase & Co., 6.300%, 04/23/2019	335,000		357,437
	JPMorgan Chase & Co., 3.875%, 09/10/2024	300,000		312,163
	The Goldman Sachs Group, Inc., 5.750%, 01/24/2022	300,000		336,660
				1,271,158
Diversified Financial Services (0.9%)
	Fiserv, Inc., 4.750%, 06/15/2021	300,000		323,413
Electronics (2.5%)
	Agilent Technologies, Inc., 5.000%, 07/15/2020	270,000		287,112
	Arrow Electronics, Inc., 5.125%, 03/01/2021	310,000		331,654
	Avnet, Inc., 4.875%, 12/01/2022	250,000		263,861
				882,627
Entertainment (0.8%)
	International Game Technology, 7.500%, 06/15/2019	250,000		268,908
Healthcare Services (0.7%)
	Humana, Inc., 6.300%, 08/01/2018	250,000		259,284
Insurance (2.1%)
	MetLife, Inc., 7.717%, 02/15/2019	310,000		334,523
	The Travelers Cos., Inc., 5.900%, 06/02/2019	150,000		159,717
	WR Berkley Corp., 5.375%, 09/15/2020	230,000		248,136
				742,376
Oil & Gas (1.3%)
	Statoil ASA, 6.700%, 01/15/2018	150,000		152,373
	Valero Energy Corp., 9.375%, 03/15/2019	275,000		303,478
				455,851
Pharmaceuticals (2.9%)
	Cardinal Health, Inc., 3.200%, 03/15/2023	320,000		325,187
	Express Scripts Holding Co., 3.900%, 02/15/2022	640,000		673,653
				998,840

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

		Principal Amount		Fair Value
Real Estate Investment Trusts (0.9%)
	Weyerhaeuser Co., 7.125%, 07/15/2023	$ 250,000	$	299,237
Retail (3.3%)
	Dillard's, Inc., 6.625%, 01/15/2018	275,000		278,092
	Foot Locker, Inc., 8.500%, 01/15/2022	385,000		449,487
	Oshkosh Corp., 5.375%, 03/01/2022	100,000		104,000
	Walgreen Co., 3.100%, 09/15/2022	305,000		310,626
				1,142,205
Software (0.9%)
	CA, Inc., 5.375%, 12/01/2019	300,000		318,985
Telecommunications (1.7%)
	AT&T, Inc., 5.000%, 03/01/2021	255,000		275,278
	eBay, Inc., 2.600%, 07/15/2022	300,000		299,077
				574,355
Transportation (1.6%)
	American Airlines Group, Inc., 6.125%, 06/01/2018	300,000		307,290
	United Continental Holdings, Inc., 6.375%, 06/01/2018	250,000		256,125
				563,415
	TOTAL CORPORATE BONDS (COST $9,004,372)			9,124,585

		Shares	Fair Value
SHORT-TERM INVESTMENTS (4.8%)
	Federated Treasury Obligation Money Market Fund, 7 Day Yield 0.867%	1,688,217	1,688,217

	TOTAL SHORT-TERM INVESTMENTS (COST $1,688,217)		1,688,217

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	September 30, 2017 (Unaudited)

				Fair Value
TOTAL INVESTMENTS (COST $32,498,596)		100.4%	$	35,044,689

TOTAL LIABILITIES IN EXCESS OF OTHER ASSETS

(0.4)%

(129,635)

NET ASSETS

100.0%

34,915,054

(a)	Non-income producing security.

Common Abbreviations:

ETF	Exchange Traded Fund

MTN	Medium Term Note

PLC	Public Limited Company

REIT	Real Estate Investment Trust

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
COMMON STOCK (98.7%)
Aerospace & Defense (1.6%)
	Aerojet Rocketdyne Holdings, Inc.^(a)	22,810	$	798,578
	Esterline Technologies Corp.^(a)	5,650		509,348
	Moog, Inc., Class A^(a)	6,275		523,523
				1,831,449
Auto Parts & Equipment (1.9%)
	Cooper-Standard Holdings, Inc.^(a)	4,840		561,295
	Standard Motor Products, Inc.	9,685		467,301
	Tenneco, Inc.	9,105		552,400
	Tower International, Inc.	22,265		605,608
				2,186,604
Banks (17.1%)
	BankUnited, Inc.	14,705		523,057
	Camden National Corp.	12,785		557,937
	Carolina Financial Corp.	15,410		552,911
	Cathay General Bancorp	13,475		541,695
	CNB Financial Corp.	19,790		540,663
	Customers Bancorp, Inc.^(a)	17,405		567,751
	Enterprise Financial Services Corp.	12,650		535,727
	Farmers National Banc Corp.	38,660		581,833
	FCB Financial Holdings, Inc., Class A^(a)	11,690		564,627
	Financial Institutions, Inc.	17,460		502,848
	First Commonwealth Financial Corp.	37,820		534,397
	First Foundation, Inc.^(a)	31,290		559,778
	First Internet Bancorp	18,120		585,276
	First Interstate BancSystem, Inc., Class A	13,610		520,582
	First Mid-Illinois Bancshares, Inc.	14,130		542,592
	First Midwest Bancorp, Inc.	21,630		506,575
	Franklin Financial Network, Inc.^(a)	12,275		437,604
	Hanmi Financial Corp.	18,165		562,207
	Hilltop Holdings, Inc.	22,200		577,200
	Home BancShares, Inc.	20,455		515,875
	MainSource Financial Group, Inc.	15,075		540,589
	Midland States Bancorp, Inc.	16,255		514,958
	MidWestOne Financial Group, Inc.	14,635		494,078
	Old National Bancorp	30,850		564,555
	Old Second Bancorp, Inc.	44,635		600,341
	Peoples Bancorp, Inc.	16,035		538,616
	Preferred Bank/Los Angeles CA	9,780		590,223
	Republic Bancorp, Inc., Class A	13,825		537,654
	S&T Bancorp, Inc.	13,760		544,621
	Sandy Spring Bancorp, Inc.	13,215		547,629
	Southside Bancshares, Inc.	15,120		549,763
	State Bank Financial Corp.	18,420		527,733
	TCF Financial Corp.	31,165		531,052

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Banks (17.1%) (continued)
	United Community Banks, Inc.	19,530	$	557,386
	Valley National Bancorp	44,095		531,345
	WesBanco, Inc.	11,795		483,831
	Western Alliance Bancorp.^(a)	11,265		597,946
				20,063,455
Building Materials (2.6%)
	Continental Building Products, Inc.^(a)	22,055		573,430
	Global Brass & Copper Holdings, Inc.	16,995		574,431
	GMS, Inc.^(a)	17,885		633,129
	Louisiana-Pacific Corp.^(a)	26,465		716,672
	Patrick Industries, Inc.^(a)	6,755		568,096
				3,065,758
Chemicals (1.9%)
	Cabot Corp.	10,100		563,580
	Kraton Corp.^(a)	13,560		548,367
	Minerals Technologies, Inc.	7,765		548,597
	OMNOVA Solutions, Inc.^(a)	55,860		611,667
				2,272,211
Coal Operations (0.7%)
	Hallador Energy Co.	61,122		349,618
	SunCoke Energy, Inc.^(a)	53,655		490,407
				840,025
Commercial Services (3.4%)
	BG Staffing, Inc.	3,873		64,098
	Heritage-Crystal Clean, Inc.^(a)	32,430		705,353
	Navigant Consulting, Inc.^(a)	25,145		425,453
	Quad/Graphics, Inc.	19,230		434,790
	RPX Corp.^(a)	36,680		487,110
	SP Plus Corp.^(a)	16,380		647,010
	The Hackett Group, Inc.	23,940		363,649
	TrueBlue, Inc.^(a)	20,630		463,144
	Vectrus, Inc.^(a)	14,635		451,343
				4,041,950
Computers (1.3%)
	Barracuda Networks, Inc.^(a)	20,550		497,927
	Convergys Corp.	20,100		520,389
	Sykes Enterprises, Inc.^(a)	16,745		488,284
				1,506,600
Distribution/Wholesale (1.2%)
	Anixter International, Inc.^(a)	6,725		571,625
	Radiant Logistics, Inc.^(a)	58,417		310,194
	WESCO International, Inc.^(a)	8,440		491,630
				1,373,449

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Diversified Financial Services (2.4%)
	Consolidated-Tomoka Land Co.	9,040	$	543,033
	CRA International, Inc.	13,690		561,974
	Evercore, Inc.	6,905		554,126
	Federated Investors, Inc., Class B	18,605		552,569
	Houlihan Lokey, Inc.	14,915		583,624
				2,795,326
Electric (1.4%)
	El Paso Electric Co.	11,610		641,452
	Hawaiian Electric Industries, Inc.	15,455		515,733
	NorthWestern Corp.	8,140		463,492
				1,620,677
Electrical Components & Equipment (0.8%)
	Atkore International Group, Inc.^(a)	27,060		527,940
	EnerSys	6,870		475,198
				1,003,138
Electronics (2.3%)
	Bel Fuse, Inc., Class B	5,058		157,810
	CTS Corp.	24,265		584,786
	Plexus Corp.^(a)	11,120		623,610
	Sanmina Corp.^(a)	15,315		568,952
	ZAGG, Inc.^(a)	46,556		733,257
				2,668,415
Energy (1.0%)
	Generac Holdings, Inc.^(a)	13,500		620,055
	SPX Corp.^(a)	19,350		567,729
				1,187,784
Engineering & Construction (2.3%)
	Aegion Corp.^(a)	24,640		573,619
	Argan, Inc.	8,030		540,017
	EMCOR Group, Inc.	7,410		514,106
	MasTec, Inc.^(a)	12,345		572,808
	Primoris Services Corp.	18,835		554,126
				2,754,676
Food (0.8%)
	Ingles Markets, Inc., Class A	17,725		455,533
	SpartanNash Co.	18,282		482,096
				937,629
Forest Products & Paper (1.0%)
	Domtar Corp.	13,610		590,538
	Schweitzer-Mauduit International, Inc.	13,135		544,577
				1,135,115

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Hand & Machine Tools (0.4%)
	Regal Beloit Corp.	6,355	$	502,045
Healthcare Products (1.8%)
	AngioDynamics, Inc.^(a)	29,975		512,273
	Cotiviti Holdings, Inc.^(a)	14,620		526,028
	Haemonetics Corp.^(a)	11,720		525,876
	Luminex Corp.	25,140		511,096
				2,075,273
Healthcare Services (3.9%)
	Charles River Laboratories International, Inc.^(a)	6,235		673,505
	Civitas Solutions, Inc.^(a)	28,355		523,150
	LHC Group, Inc.^(a)	7,395		524,453
	LifePoint Health, Inc.^(a)	8,515		493,019
	Magellan Health, Inc.^(a)	6,760		583,388
	Medpace Holdings, Inc.^(a)	15,665		499,713
	Select Medical Holdings Corp.^(a)	36,295		696,864
	The Ensign Group, Inc.	24,910		562,717
				4,556,809
Home Builders (0.8%)
	MDC Holdings, Inc.	14,709		488,486
	Taylor Morrison Home Corp., Class A^(a)	21,265		468,893
				957,379
Home Furnishings (0.4%)
	La-Z-Boy, Inc.	17,895		481,375

Household Products (0.9%)
	ACCO Brands Corp.^(a)	44,785		532,941
	Ennis, Inc.	24,975		490,759
				1,023,700
Insurance (5.3%)
	Argo Group International Holdings, Ltd.	8,300		510,450
	Blue Capital Reinsurance Holdings, Ltd.	26,510		436,090
	CNO Financial Group, Inc.	22,675		529,234
	Crawford & Co., Class B	57,430		686,863
	Essent Group, Ltd.^(a)	12,585		509,692
	FBL Financial Group, Inc., Class A	7,425		553,162
	Fidelity & Guaranty Life	16,845		523,037
	Kingstone Cos, Inc.	32,180		524,534
	National General Holdings Corp.	21,950		419,465
	State National Cos., Inc.	26,735		561,168
	Stewart Information Services Corp.	10,680		403,277
	Third Point Reinsurance, Ltd.^(a)	33,150		517,140
				6,174,112

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Internet (0.5%)
	Perficient, Inc.^(a)	29,395	$	578,200
Leisure Services (2.0%)
	Johnson Outdoors, Inc., Class A	14,905		1,092,238
	MCBC Holdings, Inc.^(a)	33,480		682,323
	Speedway Motorsports, Inc.	25,680		546,984
				2,321,545
Lodging (0.5%)
	Century Casinos, Inc.^(a)	72,400		594,404
Machinery - Diversified (0.9%)
	Applied Industrial Technologies, Inc.	8,735		574,763
	Milacron Holdings Corp.^(a)	31,550		531,933
				1,106,696
Media (1.2%)
	John Wiley & Sons, Inc., Class A	9,360		500,760
	Time, Inc.	37,635		508,072
	Townsquare Media, Inc., Class A^(a)	38,125		381,250
				1,390,082
Metal Fabricate & Hardware (1.9%)
	Kaiser Aluminum Corp.	5,950		613,683
	Schnitzer Steel Industries, Inc., Class A	20,225		569,334
	Shiloh Industries, Inc.^(a)	54,595		567,788
	Worthington Industries, Inc.	11,170		513,820
				2,264,625
Miscellaneous Manufacturing (5.3%)
	Brady Corp., Class A	15,000		569,250
	Crane Co.	6,560		524,734
	Greif, Inc., Class A	9,145		535,348
	Harsco Corp.^(a)	29,595		618,536
	Hillenbrand, Inc.	14,035		545,260
	ITT, Inc.	12,560		556,031
	Owens-Illinois, Inc.^(a)	25,425		639,693
	Park-Ohio Holdings Corp.	14,125		644,100
	Rexnord Corp.^(a)	20,145		511,885
	TriMas Corp.^(a)	19,930		538,110
	Watts Water Technologies, Inc., Class A	8,040		556,368
				6,239,315
Office Furnishings (1.2%)
	Herman Miller, Inc.	14,880		534,192
	Knoll, Inc.	20,595		411,900
	Steelcase, Inc., Class A	33,395		514,283
				1,460,375

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Oil & Gas (2.9%)
	Evolution Petroleum Corp.	70,225	$	505,620
	Exterran Corp.^(a)	19,235		608,019
	Gulfport Energy Corp.^(a)	40,295		577,830
	Par Pacific Holdings, Inc.^(a)	29,215		607,672
	Penn Virginia Corp.^(a)	14,895		595,502
	SilverBow Resources, Inc.^(a)	21,925		538,259
				3,432,902
Oil & Gas Services (1.1%)
	McDermott International, Inc.^(a)	84,620		615,187
	Newpark Resources, Inc.^(a)	65,120		651,200
				1,266,387
Pharmaceuticals (1.8%)
	Emergent BioSolutions, Inc.^(a)	14,090		569,941
	PharMerica Corp.^(a)	19,390		568,127
	Prestige Brands Holdings, Inc.^(a)	9,705		486,123
	USANA Health Sciences, Inc.^(a)	7,870		454,099
				2,078,290
Real Estate Investment Trusts (8.6%)
	Armada Hoffler Properties, Inc. REIT	39,775		549,293
	CareTrust REIT, Inc.	27,230		518,459
	Cedar Realty Trust, Inc. REIT	97,205		546,292
	Corporate Office Properties Trust REIT	16,635		546,127
	Gladstone Commercial Corp. REIT	27,545		613,427
	Lexington Realty Trust REIT	49,270		503,539
	MedEquities Realty Trust, Inc. REIT	40,500		475,875
	National Health Investors, Inc. REIT	6,385		493,497
	One Liberty Properties, Inc. REIT	20,945		510,220
	Outfront Media, Inc. REIT	22,885		576,244
	Potlatch Corp. REIT	12,045		614,295
	Preferred Apartment Communities, Inc., Class A REIT	30,395		573,858
	PS Business Parks, Inc. REIT	3,820		509,970
	Ramco-Gershenson Properties Trust REIT	37,860		492,559
	RLJ Lodging Trust REIT	24,975		549,450
	Ryman Hospitality Properties, Inc. REIT	8,265		516,480
	Select Income REIT	21,050		492,991
	STAG Industrial, Inc. REIT	17,430		478,802
	Xenia Hotels & Resorts, Inc. REIT	26,575		559,404
				10,120,782
Retail (3.4%)
	Caleres, Inc.	19,780		603,685
	Party City Holdco, Inc.^(a)	36,720		497,556
	Perry Ellis International, Inc.^(a)	26,505		627,108
	Shoe Carnival, Inc.	30,155		674,869
	Tilly's, Inc., Class A^(a)	55,025		659,750

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Retail (3.4%) (continued)
	Tupperware Brands Corp.	8,280	$	511,870
	World Fuel Services Corp.	13,710		464,906
				4,039,744
Savings & Loans (3.3%)
	Berkshire Hills Bancorp, Inc.	17,725		686,844
	Flagstar Bancorp, Inc.^(a)	15,070		534,684
	Flushing Financial Corp.	17,120		508,806
	Home Bancorp, Inc.	11,867		496,278
	Riverview Bancorp, Inc.	62,130		521,892
	United Community Financial Corp.	57,525		552,240
	United Financial Bancorp, Inc.	29,505		539,646
				3,840,390
Semiconductors (1.9%)
	Amkor Technology, Inc.^(a)	45,520		480,236
	Diodes, Inc.^(a)	20,380		609,974
	FormFactor, Inc.^(a)	35,145		592,193
	Semtech Corp.^(a)	14,155		531,520
				2,213,923
Software (1.0%)
	Progress Software Corp.	16,265		620,835
	Verint Systems, Inc.^(a)	12,330		516,011
				1,136,846
Telecommunications (2.6%)
	Autobytel, Inc.^(a)	39,830		274,429
	Blucora, Inc.^(a)	24,530		620,609
	DHI Group, Inc.^(a)	68,555		178,243
	Gray Television, Inc.^(a)	33,810		530,817
	Telephone & Data Systems, Inc.	17,705		493,792
	TiVo Corp.	26,505		526,124
	Zix Corp.^(a)	93,310		456,286
				3,080,300
Transportation (0.9%)
	Aaron's, Inc.	10,540		459,860
	Matson, Inc.	20,905		589,103
				1,048,963
Wholesale Distributors (0.5%)
	ScanSource, Inc.^(a)	14,495		632,707

	TOTAL COMMON STOCK (COST $101,520,791)			115,901,430

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	September 30, 2017 (Unaudited)

Fair Value

TOTAL INVESTMENTS (COST $101,520,791)

98.7%

115,901,430

TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES

1.3%

1,500,564

NET ASSETS

100.0%

117,401,994

(a)	Non-income producing security.

Common Abbreviations:

REIT	Real Estate Investment Trust

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
COMMON STOCK (96.2%)
Advertising (0.9%)
	Omnicom Group, Inc.	3,525	$	261,097
Aerospace & Defense (1.0%)
	United Technologies Corp.	2,340		271,627
Banks (12.8%)
	Bank of America Corp.	11,365		287,989
	Capital One Financial Corp.	2,740		231,968
	Citigroup, Inc.	4,235		308,054
	Citizens Financial Group, Inc.	7,510		284,404
	Comerica, Inc.	3,535		269,579
	Huntington Bancshares, Inc.	18,320		255,747
	JPMorgan Chase & Co.	2,890		276,024
	KeyCorp	14,775		278,065
	Regions Financial Corp.	18,470		281,298
	SunTrust Banks, Inc.	4,570		273,149
	The Bank of New York Mellon Corp.	5,030		266,691
	Wells Fargo & Co.	4,890		269,684
	Zions Bancorp.	5,690		268,454
				3,551,106
Biotechnology (2.8%)
	Amgen, Inc.	1,440		268,488
	Biogen, Inc.^(a)	850		266,152
	Gilead Sciences, Inc.	3,165		256,428
				791,068
Building Materials (1.0%)
	DR Horton, Inc.	7,020		280,308
Chemicals (4.1%)
	Celanese Corp., Class A	2,625		273,709
	Eastman Chemical Co.	3,100		280,519
	LyondellBasell Industries NV, Class A	3,155		312,503
	PPG Industries, Inc.	2,405		261,327
				1,128,058
Commercial Services (1.9%)
	FleetCor Technologies, Inc.^(a)	1,750		270,847
	Nielsen Holdings PLC	6,075		251,809
				522,656
Computers (2.5%)
	NetApp, Inc.	6,540		286,190

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Computers (2.5%) (continued)
	Western Digital Corp.	3,030	$	261,792
	Xerox Corp.	4,813		160,225
				708,207
Diversified Financial Services (4.3%)
	Alliance Data Systems Corp.	980		217,119
	Discover Financial Services	3,190		205,691
	Morgan Stanley	5,460		263,008
	Raymond James Financial, Inc.	2,995		252,568
	Synchrony Financial	8,775		272,464
				1,210,850
Electric (1.8%)
	Corning, Inc.	8,410		251,627
	FirstEnergy Corp.	7,955		245,253
				496,880
Electrical Components & Equipment (1.1%)
	TE Connectivity, Ltd.	3,530		293,202
Food (5.6%)
	Aramark	7,020		285,082
	Campbell Soup Co.	4,825		225,907
	Ingredion, Inc.	2,085		251,534
	Kellogg Co.	4,160		259,459
	The J.M. Smucker Co.	2,020		211,959
	Tyson Foods, Inc., Class A	4,465		314,559
				1,548,500
Healthcare Products (1.0%)
	Eli Lilly & Co.	3,120		266,885
Healthcare Services (6.4%)
	Aetna, Inc.	1,715		272,702
	Cigna Corp.	1,600		299,104
	DaVita, Inc.^(a)	4,440		263,692
	HCA Healthcare, Inc.^(a)	2,790		222,056
	Humana, Inc.	1,050		255,812
	Laboratory Corp. of America Holdings^(a)	1,700		256,649
	Universal Health Services, Inc., Class B	1,995		221,325
				1,791,340
Insurance (6.5%)
	Aflac, Inc.	3,505		285,272
	Chubb, Ltd.	1,740		248,037
	Everest Re Group, Ltd.	1,045		238,668
	Lincoln National Corp.	3,240		238,075

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Insurance (6.5%) (continued)
	Principal Financial Group, Inc.	4,095	$	263,472
	Prudential Financial, Inc.	2,275		241,878
	The Allstate Corp.	3,120		286,759
				1,802,161
Leisure Time (0.9%)
	Carnival Corp.	3,835		247,626
Machinery - Construction & Mining (2.0%)
	Caterpillar, Inc.	2,220		276,856
	Deere & Co.	2,145		269,391
				546,247
Media (0.7%)
	Viacom, Inc., Class B	7,065		196,690
Miscellaneous Manufacturing (3.9%)
	Eaton Corp. PLC	3,515		269,917
	Ingersoll-Rand PLC	2,915		259,931
	Parker-Hannifin Corp.	1,600		280,032
	WestRock Co.	4,995		283,366
				1,093,246
Oil & Gas (8.8%)
	Cabot Oil & Gas Corp.	10,760		287,830
	Chevron Corp.	2,320		272,600
	ConocoPhillips	5,575		279,029
	Devon Energy Corp.	8,325		305,611
	Diamondback Energy, Inc.^(a)	2,545		249,308
	Exxon Mobil Corp.	3,318		272,009
	Marathon Petroleum Corp.	4,685		262,735
	Newfield Exploration Co.^(a)	8,445		250,563
	Valero Energy Corp.	3,630		279,256
				2,458,941
Pharmaceuticals (2.6%)
	AmerisourceBergen Corp.	2,575		213,081
	Merck & Co., Inc.	4,090		261,883
	Pfizer, Inc.	7,140		254,898
				729,862
Real Estate Investment Trusts (4.7%)
	American Homes 4 Rent, Class A REIT	6,470		140,464
	American Tower Corp. REIT	1,070		146,248
	Corporate Office Properties Trust REIT	4,040		132,633
	CubeSmart REIT	5,835		151,477
	Highwoods Properties, Inc. REIT	2,750		143,248

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	September 30, 2017 (Unaudited)

		Shares		Fair Value
Real Estate Investment Trusts (4.7%) (continued)
	National Retail Properties, Inc. REIT	3,775	$	157,266
	Park Hotels & Resorts, Inc. REIT	5,165		142,347
	PS Business Parks, Inc. REIT	1,085		144,847
	Ventas, Inc. REIT	2,220		144,589
				1,303,119
Retail (2.6%)
	Altria Group, Inc.	4,195		266,047
	CVS Health Corp.	2,830		230,135
	The TJX Cos., Inc.	2,975		219,347
				715,529
Semiconductors (5.2%)
	Applied Materials, Inc.	5,895		307,071
	Broadcom, Ltd.	1,010		244,965
	Intel Corp.	7,255		276,270
	Lam Research Corp.	1,740		321,970
	Microchip Technology, Inc.	3,450		309,741
				1,460,017
Software (3.7%)
	CA, Inc.	7,670		256,025
	Citrix Systems, Inc.^(a)	3,345		256,963
	First Data Corp., Class A^(a)	15,805		285,122
	Oracle Corp.	5,010		242,233
				1,040,343
Telecommunications (4.3%)
	AT&T, Inc.	6,785		265,769
	Comcast Corp., Class A	6,450		248,196
	Discovery Communications, Inc., Class A^(a)	7,745		164,891
	Juniper Networks, Inc.	9,075		252,557
	Verizon Communications, Inc.	5,225		258,585
				1,189,998
Transportation (3.1%)
	BorgWarner, Inc.	5,465		279,972
	Cummins, Inc.	1,610		270,528
	United Rentals, Inc.^(a)	2,155		298,985
				849,485
	TOTAL COMMON STOCK (COST $23,932,875)			26,755,048

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	September 30, 2017 (Unaudited)

Fair Value

TOTAL INVESTMENTS (COST $24,761,444)

99.2%

27,583,617

TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES

0.8%

233,696

NET ASSETS

100.0%

27,817,313

(a)	Non-income producing security.

Common Abbreviations:

PLC	Public Limited Company

REIT	Real Estate Investment Trust

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Statements of Assets and Liabilities

September 30, 2017

			CornerCap Balanced Fund		CornerCap Small-Cap Value Fund		CornerCap Large/Mid-Cap Value Fund
ASSETS:
Investments, at value (Cost $32,498,596, $101,520,791 and $24,761,444, respectively)		$	35,044,689	$	115,901,430	$	27,583,617
Cash			-		1,723,836		-
Receivable for fund shares subscribed			189,221		3,014		242,333
Receivable for investments sold			-		418,316		-
Dividends and interest receivable			112,420		145,757		25,452
	Total assets		35,346,330		118,192,353		27,851,402

LIABILITIES:
Payable for investment securities purchased			-		309,153		-
Payable for fund shares redeemed			408,034		375,173		15,020
Advisory fee payable			14,728		77,406		10,249
Other expenses payable			8,514		28,627		8,820
	Total liabilities		431,276		790,359		34,089
Net assets		$	34,915,054	$	117,401,994	$	27,817,313

PRICING OF INVESTOR SHARES (NOTE 2):
Net Assets		$	34,915,054	$	82,916,090	$	27,817,313
Shares Outstanding			2,360,389		4,677,154		2,058,172
Net asset value, offering and redemption price per share		$	14.79	$	17.73	$	13.52

PRICING OF INSTITUTIONAL SHARES (NOTE 2):
Net Assets		$	-	$	34,485,904	$	-
Shares Outstanding			-		1,940,138		-
Net asset value, offering and redemption price per share		$	-	$	17.77	$	-

NET ASSETS CONSISTS OF:
Paid-in capital		$	30,742,464	$	88,746,155	$	23,268,491
Undistributed net investment income			569,093		287,056		178,738
Accumulated net realized gain on investments			1,057,404		13,988,144		1,547,911
Net unrealized appreciation in value of investments			2,546,093		14,380,639		2,822,173
Net assets		$	34,915,054	$	117,401,994	$	27,817,313

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Statements of Operations

September 30, 2017

		CornerCap Balanced Fund			CornerCap Small-Cap Value Fund		CornerCap Large/Mid-Cap Value Fund
INVESTMENT INCOME:
Dividends, (net of foreign withholding taxes of $0, $347 and $0)	$	223,962		$	878,845	$	266,607
Interest		162,879			-		-
Total investment income		386,841			878,845		266,607

EXPENSES:
Advisory fees		147,081			487,445		116,970
Operating expenses		49,027			171,503		51,987
Total expenses		196,108			658,948		168,957
Less fees waived/reimbursed by investment adviser		(32,685	)		-		(38,990	)
Net expenses		163,423			658,948		129,967
Net investment income		223,418			219,897		136,640

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		899,078			4,421,157		1,150,585
Change in unrealized appreciation of investments		562,248			2,481,726		680,293
Net gain on investments		1,461,326			6,902,883		1,830,878
Net increase in net assets resulting from operations	$	1,684,744		$	7,122,780	$	1,967,518

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Statements of Changes in Net Assets

September 30, 2017

			CornerCap Balanced Fund								CornerCap Small-Cap Value Fund								CornerCap Large/Mid-Cap Value Fund
			For the Six Months Ended September 30, 2017 (Unaudited)			For the Year Ended March 31, 2017					For the Six Months Ended September 30, 2017 (Unaudited)			For the Year Ended March 31, 2017					For the Six Months Ended September 30, 2017 (Unaudited)			For the Year Ended March 31, 2017
OPERATIONS:
	Net investment income		$	223,418	$			422,278		$		219,897	$			362,997		$		136,640	$		218,240
	Net realized gain on investments			899,078				704,013			4,421,157			15,327,723					1,150,585				902,110
	Change in unrealized appreciation of investments			562,248		2,136,508					2,481,726				8,504,064					680,293		2,162,404
	Net increase in net assets resulting from operations			1,684,744		3,262,799					7,122,780			24,194,784					1,967,518			3,282,754

DISTRIBUTIONS TO SHAREHOLDERS:
	From net investment income:
		Investor Shares		-			(417,131		)			-				(149,494	)			-		(185,530		)
		Institutional Shares		-				-				-				(147,861	)			-			-
	From net realized gain on investments:
		Investor Shares		-				-				-		(3,505,680			)			-			-
		Institutional Shares		-				-				-		(1,344,022			)			-			-
Total distributions				-			(417,131		)			-		(5,147,057			)			-		(185,530		)

CAPITAL SHARE TRANSACTIONS:
	Net increase (decrease) from capital share transactions (see Note 3)			2,638,126		2,131,022					4,301,148			(10,173,104			)			778,813		8,803,119
	Redemption fees			-				519				427				840				101			270
Net increase (decrease) from capital share transactions				2,638,126		2,131,541					4,301,575			(10,172,264			)			778,914		8,803,389
Total increase in net assets				4,322,870		4,977,209					11,424,355				8,875,463				2,746,432			11,900,613

NET ASSETS:
	Beginning of period			30,592,184		25,614,975					105,977,639			97,102,176					25,070,881			13,170,268
	End of period*		$	34,915,054	$	30,592,184				$	117,401,994		$	105,977,639				$	27,817,313		$	25,070,881

*	Including undistributed net investment income of:		$	569,093	$			345,675		$		287,056	$			67,159		$		178,738	$		42,098

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Financial Highlights
CornerCap Balanced Fund


Selected data for each share of beneficial interest outstanding throughout the periods indicated:		Six Months Ended September 30, 2017 (Unaudited)			Year Ended March 31, 2017				Year Ended March 31, 2016				Year Ended March 31, 2015				Year Ended March 31, 2014				Year Ended March 31, 2013
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$	14.08		$	12.70			$	14.62			$	15.51			$	14.03			$	13.51
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.10	^(a)		0.20	^(a)			0.22	^(a)			0.22	^(a)			0.23	^(a)			0.24
Net realized and unrealized gain (loss) on investments			0.61			1.38				(0.75	)			0.59				2.09				0.78
Total Income/(Loss) from Investment Operations			0.71			1.58				(0.53	)			0.81				2.32				1.02

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			—			(0.20	)			(0.09	)			(0.23	)			(0.22	)			(0.24	)
Distributions from net realized gain on investments			—			—				(1.30	)			(1.47	)			(0.62	)			(0.26	)
Total Dividends and Distributions to Shareholders			—			(0.20	)			(1.39	)			(1.70	)			(0.84	)			(0.50	)
Paid-in Capital from Redemption Fees			0.00			0.00	^(a)(b)			0.00				0.00				0.00	^(a)(b)			0.00	^(b)
Net Asset value, end of period		$	14.79		$	14.08			$	12.70			$	14.62			$	15.51			$	14.03
Total Return			5.04	%^(c)		12.46	%			(3.32	)%			5.12	%			16.76	%			7.85	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$34,915			$30,592			$25,615				$26,857				$23,521				$19,290

RATIOS TO AVERAGE NET ASSETS:
Net investment income			1.37	%^(d)		1.53	%			1.61	%			1.45	%			1.54	%			1.82	%
Net expenses			1.00	%^(d)		1.00	%			1.10	%			1.10	%			1.10	%			1.10	%
Gross expenses ^(e)			1.20	%^(d)		1.20	%			1.27	%			1.30	%			1.30	%			1.30	%
Portfolio turnover rate			33	%^(c)		60	%			70	%			87	%			43	%			40	%

(a)	Calculated based on average shares outstanding during each period.
(b)	Less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an intergral part of these financial statements.

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Financial Highlights
CornerCap Small-Cap Value Fund

Selected data for each share of beneficial interest outstanding throughout the periods indicated:		Six Months Ended September 30, 2017 (Unaudited)			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
INVESTOR SHARES
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$	16.68		$	14.00		$	15.55		$	16.25		$	13.74		$	12.98
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.03	^(a)		0.04	^(a)		0.05	^(a)		0.03	^(a)		0.00	^(a)(b)		0.10
Net realized and unrealized gain (loss) on investments			1.02			3.38			(0.60	)		1.21			4.51			1.46
Total Income/(Loss) from Investment Operations			1.05			3.42			(0.55	)		1.24			4.51			1.56

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			—			(0.03	)		(0.04	)		(0.02	)		—			(0.13	)
Distributions from net realized gain on investments			—			(0.71	)		(0.96	)		(1.92	)		(2.00	)		(0.67	)
Total Dividends and Distributions to Shareholders			—			(0.74	)		(1.00	)		(1.94	)		(2.00	)		(0.80	)
Paid-in Capital from Redemption Fees			0.00	^(b)		0.00	^(a)(b)		0.00	^(a)(b)		0.00			0.00	^(a)(b)		0.00	^(b)
Net Asset value, end of period		$	17.73		$	16.68		$	14.00		$	15.55		$	16.25		$	13.74
Total Return			6.36	%^(c)		24.40	%		(3.29	)%		8.21	%		33.09	%		12.70	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$82,916			$77,455			$76,053			$85,177			$59,760			$36,600

RATIOS TO AVERAGE NET ASSETS:
Net investment income			0.32	%^(d)		0.26	%		0.38	%		0.17	%		0.02	%		0.74	%
Net expenses			1.30	%^(d)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Gross expenses			1.30	%^(d)		1.30	%		1.45	%^(e)		1.50	%^(e)		1.50	%^(e)		1.50	%^(e)
Portfolio turnover rate			58	%^(c)		129	%		144	%		112	%		109	%		131	%

(a)	Calculated based on average shares outstanding during each period.
(b)	Less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Financial Highlights
CornerCap Small-Cap Value Fund

Selected data for each share of beneficial interest outstanding throughout the periods indicated:		Six Months Ended September 30, 2017 (Unaudited)			Year Ended March 31, 2017			December 29, 2015^(a) through March 31, 2016
INSTITUTIONAL SHARES
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$	16.70		$	14.02		$	14.03
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)			0.05			0.09			0.04
Net realized and unrealized gain (loss) on investments			1.02			3.38			(0.05	)
Total Income/(Loss) from Investment Operations			1.07			3.47			(0.01	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			—			(0.08	)		—
Distributions from net realized gain on investments			—			(0.71	)		—
Total Dividends and Distributions to Shareholders			—			(0.79	)		—
Paid-in Capital from Redemption Fees^(b)			0.00	^(c)		0.00	^(c)		0.00
Net Asset value, end of period		$	17.77		$	16.70		$	14.02
Total Return			6.47	%^(d)		24.74	%		(0.07	)%^(d)

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$34,486			$28,523			$21,049

RATIOS TO AVERAGE NET ASSETS:
Net investment income			0.63	%^(e)		0.57	%		1.33	%^(e)
Net expenses			1.00	%^(e)		1.00	%		1.00	%^(e)
Gross expenses			1.00	%^(e)		1.00	%		1.00	%^(e)
Portfolio turnover rate			58	%^(d)		129	%		144	%^(d)

(a)	Commencement of operations.
(b)	Calculated based on average shares outstanding during each period.
(c)	Less than $0.005 per share.
(d)	Not annualized.
(e)	Annualized.

The accompanying notes to financial statements are an intergral part of these financial statements.

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Financial Highlights
CornerCap Large/Mid-Cap Value Fund

Selected data for each share of beneficial interest outstanding throughout the periods indicated:		Six Months Ended September 30, 2017 (Unaudited)			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$	12.56		$	10.80		$	13.75		$	13.87		$	10.88		$	10.07
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.07	^(a)		0.13	^(a)		0.13	^(a)		0.15	^(a)		0.12	^(a)		0.10
Net realized and unrealized gain (loss) on investments			0.89			1.73			(1.07	)		0.91			2.97			0.81
Total Income/(Loss) from Investment Operations			0.96			1.86			(0.94	)		1.06			3.09			0.91

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			—			(0.10	)		(0.11	)		(0.14	)		(0.10	)		(0.10	)
Distributions from net realized gain on investments			—			—			(1.90	)		(1.04	)		—			—
Total Dividends and Distributions to Shareholders			—			(0.10	)		(2.01	)		(1.18	)		(0.10	)		(0.10	)
Paid-in Capital from Redemption Fees			0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(b)
Net Asset value, end of period		$	13.52		$	12.56		$	10.80		$	13.75		$	13.87		$	10.88
Total Return			7.64	%^(c)		17.31	%		(6.29	)%		7.46	%		28.42	%		9.16	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$27,817			$25,071			$13,170			$11,613			$10,852			$8,163

RATIOS TO AVERAGE NET ASSETS:
Net investment income			1.05	%^(d)		1.14	%		1.07	%		1.03	%		0.98	%		1.20	%
Net expenses			1.00	%^(d)		1.00	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses ^(e)			1.30	%^(d)		1.30	%		1.44	%		1.50	%		1.50	%		1.50	%
Portfolio turnover rate			49	%^(c)		82	%		97	%		125	%		60	%		43	%

(a)	Calculated based on average shares outstanding during each period.
(b)	Less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an intergral part of these financial statements.

Semi-Annual Report I September 30, 2017

Notes to Financial Statements

September 30, 2017 (Unaudited)

1. ORGANIZATION

The CornerCap Group of Funds is currently comprised of the following funds, CornerCap Balanced Fund, CornerCap Small-Cap Value Fund and CornerCap Large/Mid-Cap Value Fund (the "Funds"), and was organized on January 6, 1986 as a Massachusetts Business Trust (the "Trust"). The Trust is registered under the Investment Company Act of 1940 as a diversified open-end management investment company. CornerCap Balanced Fund and CornerCap Large/Mid-Cap Value Fund currently offer Investor Shares and CornerCap Small-Cap Value Fund currently offers Investor Shares and Institutional Shares.

The investment objective of the CornerCap Balanced Fund is long-term capital appreciation and current income. CornerCap Small‐Cap Value Fund's investment objective is long-term capital appreciation with a secondary objective of generating income from dividends or interest on securities, whereas the CornerCap Large/Mid‐Cap Value Fund's investment objective is long-term capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services – Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Accounting Estimates – In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure for contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Security Valuation – Portfolio securities including common stocks, corporate bonds, municipal bonds, exchange traded funds (ETFs), closed‐end funds, and U.S. Government and Agency obligations that are listed on national securities exchanges or the NASDAQ National Market System are valued at the last sale price or official close as of 4:00 p.m. Eastern time or, in the absence of recorded sales, at the closing bid price on such exchanges or such system. Based on obtaining active market quotes, common stocks and exchange traded funds are classified as Level 1 of the fair value hierarchy. Corporate bonds, municipal bonds, certificates of deposit and U.S. Government and Agency obligations are classified as Level 2 of the fair value hierarchy, and are priced based upon valuations provided by a recognized independent, third party pricing agent. Third‐party pricing agents value these securities by employing methodologies that utilize actual market transactions, broker‐supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings, and developments relating to specific securities in arriving at valuations. Unlisted securities that are not included on such exchanges or systems are valued at the quoted bid prices on the over‐the counter market. Shares of a registered investment company, including money market funds, that are not traded on an exchange are valued at that investment company's net asset value per share and are classified as Level 1 within the fair value hierarchy. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser under procedures established by and under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments.

Security Transactions, Investment Income and Other – Security transactions are recorded on the trade date. Realized gains and losses on sales of investments are calculated on the identified cost basis. Withholding taxes on foreign dividends have been provided in accordance with the Funds' understanding of the applicable country's tax rules and rates. Discounts and premiums on

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Notes to Financial Statements

September 30, 2017 (Unaudited)

securities purchased are amortized over the lives of the respective securities, using the effective interest method. In the event of a security in default, a portion of interest receivable that was once recognized as interest income is written off and treated as a reduction of interest income.

Federal Income Taxes – For Federal income tax purposes, the Funds currently qualify, and intend to remain qualified, as regulated investment companies ("RICs") under the provisions of Subchapter M of the Internal Revenue Code of 1986 ("Code"), as amended, by complying with the requirements applicable to RICs and by distributing their investment company taxable net income including any excess realized gain which has not been offset by capital loss carryforwards, if any, to their shareholders. Accordingly, no provision for federal income or excise taxes has been made. As of and during the period ended September 30, 2017, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Distributions to Shareholders – Distributions from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date.

Income and Expense Allocation – The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses that are directly attributable to more than one investment portfolio are allocated among the respective investment portfolios in an equitable manner.

CornerCap Small-Cap Value Fund's class specific expenses are charged to the operations of that class of shares. Income and expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on the class' respective net assets to the total net assets of the Fund.

Fair Value Measurements – A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of each Fund's investments as of the reporting period end. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including each Fund's own assumptions in determining the fair value of

Semi-Annual Report I September 30, 2017

Notes to Financial Statements

September 30, 2017 (Unaudited)

investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2017:

CornerCap Balanced Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	21,233,674	$	-	$	-	$	21,233,674
Exchange Traded Funds		1,313,473		-		-		1,313,473
Government Bonds		-		1,103,002		-		1,103,002
Corporate Bonds		-		9,124,585		-		9,124,585
Municipal Bonds		-		152,855		-		152,855
U.S. Government & Agency Obligations		-		428,883		-		428,883
Short-Term Investments		1,688,217		-		-		1,688,217
Total	$	24,235,364	$	10,809,325	$	-	$	35,044,689

CornerCap Small-Cap Value Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	115,901,430	$	-	$	-	$	115,901,430
Total	$	115,901,430	$	-	$	-	$	115,901,430

CornerCap Large/Mid-Cap Value Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	26,755,048	$	-	$	-	$	26,755,048
Short-Term Investments		828,569		-		-		828,569
Total	$	27,583,617	$	-	$	-	$	27,583,617

* See Schedule of Investments for industry classification.

The Funds recognize transfers between levels as of the beginning of the annual period in which the transfer occurred. There were no transfers into or out of Levels 1 and 2 during the period ended September 30, 2017.

For the period ended September 30, 2017, the Funds did not have significant unobservable inputs (Level 3) used in determining fair value of any investments. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable. The Funds did not hold any derivative instruments at any time during the period.

3. SHARES OF BENEFICIAL INTEREST

On September 30, 2017, there was an unlimited number of no par-value shares of beneficial interest authorized for each Fund. Subject to certain exceptions, each Fund charges a 1% redemption fee, calculated as a percentage of the amount redeemed, on redemptions (sales or exchanges) made within sixty days of initial purchase of shares of the applicable Fund. The redemption fees charged during the period are disclosed on the Statements of Changes in Net Assets.

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Notes to Financial Statements

September 30, 2017 (Unaudited)

Transactions in shares of beneficial interest were as follows:

CornerCap Balanced Fund:
		Six Months Ended September 30, 2017					Year Ended March 31, 2017
		Shares			Amount		Shares			Amount
	Shares Sold	306,374		$	4,352,252		481,838		$	6,465,680
	Shares Issued in Reinvestment of Dividends	-			-		30,624			416,789
	Total	306,374			4,352,252		512,462			6,882,469
	Less Shares Redeemed	(119,448	)		(1,714,126	)	(356,030	)		(4,751,447	)
	Net increase	186,926		$	2,638,126		156,432		$	2,131,022

CornerCap Small-Cap Value Fund:
			Six Months Ended September 30, 2017					Year Ended March 31, 2017
			Shares			Amount		Shares			Amount
	Shares Sold
		Investor Shares	357,376		$	5,890,641		667,044		$	10,329,541
		Institutional Shares	233,535			3,866,602		542,716			7,835,059
	Shares Issued in Reinvestment of Dividends
		Investor Shares	-			-		217,928			3,649,349
		Institutional Shares	-			-		84,729			1,423,348
	Total		590,911			9,757,243		1,512,417			23,237,297
	Less Shares Redeemed
		Investor Shares	(325,023	)		(5,425,063	)	(1,671,381	)		(26,425,066	)
		Institutional Shares	(1,849	)		(31,032	)	(420,326	)		(6,985,335	)
	Net increase (decrease)		264,039		$	4,301,148		(579,290	)	$	(10,173,104	)

CornerCap Large/Mid-Cap Value Fund:
		Six Months Ended September 30, 2017					Year Ended March 31, 2017
		Shares			Amount		Shares			Amount
	Shares Sold	182,607		$	2,329,045		892,309		$	10,156,348
	Shares Issued in Reinvestment of Dividends	-			-		15,474			185,530
	Total	182,607			2,329,045		907,783			10,341,878
	Less Shares Redeemed	(121,258	)		(1,550,232	)	(130,866	)		(1,538,759	)
	Net increase	61,349		$	778,813		776,917		$	8,803,119

Semi-Annual Report I September 30, 2017

Notes to Financial Statements

September 30, 2017 (Unaudited)

4. FEDERAL TAX INFORMATION

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Funds. Distributions from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually.

The tax character of distributions paid for the years ended March 31, 2017 and March 31, 2016 were as follows:

	CornerCap Balanced Fund
Distributions Paid From:	2017		2016
Ordinary Income	$	417,131	$	418,583
Long-term capital gains		-		2,007,864
Total	$	417,131	$	2,426,447

	CornerCap Small-Cap Value Fund
Distributions Paid From:	2017		2016
Ordinary Income	$	4,304,533	$	1,928,842
Long-term capital gains		842,524		4,231,458
Total	$	5,147,057	$	6,160,300

	CornerCap Large/Mid-Cap Value Fund
Distributions Paid From:	2017		2016
Ordinary Income	$	185,530	$	369,619
Long-term capital gains		-		1,449,202
Total	$	185,530	$	1,818,821

As of March 31, 2017, the components of distributable earnings on a tax basis were as follows:

		CornerCap Balanced Fund		CornerCap Small-Cap Value Fund		CornerCap Large/Mid-Cap Value Fund
Undistributed ordinary income	$	494,818	$	6,431,452	$	480,678
Undistributed long-term gain		-		3,174,956		-
Net unrealized appreciation on investments		1,993,028		11,926,651		2,100,626
Total	$	2,487,846	$	21,533,059	$	2,581,304

The difference between components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, real estate investment trust investments and return of capital on equity securities.

As of March 31, 2017, the Funds had no capital loss carryforwards to reduce the Funds' taxable income arising from future net realized gains on investments.

The amount of net unrealized appreciation (depreciation) and the cost of investment securities for tax purposes, including short-term securities, as of September 30, 2017, were as follows:

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Notes to Financial Statements

September 30, 2017 (Unaudited)

	CornerCap Balanced Fund			CornerCap Small-Cap Value Fund			CornerCap Large/Mid-Cap Value Fund
Gross unrealized appreciation (excess of value over tax cost)	$	2,915,170		$	17,072,615		$	3,270,716
Gross unrealized depreciation (excess of tax cost over value)		(369,077	)		(2,691,976	)		(448,543	)
Net unrealized appreciation	$	2,546,093		$	14,380,639		$	2,822,173
Cost of investments for income tax purposes	$	32,498,596		$	101,520,791		$	24,761,444

5. INVESTMENT ADVISORY AND OTHER RELATED PARTY TRANSACTIONS

A. Each of the Funds has an Investment Advisory Agreement with CornerCap Investment Counsel (the "Adviser"), pursuant to which the Adviser receives an Advisory Fee from each Fund, computed daily and payable monthly, at an annual rate of 0.90% of the average daily net assets. Under the terms of each Advisory Agreement, the Adviser manages the Funds' investments subject to the approval of the Board of Trustees. The amount of expenses paid to the Adviser are reflected in the Statements of Operations and the amount of current liabilities are reflected in the Statements of Assets and Liabilities.

In addition, each Fund and the Adviser have an Operating Services Agreement whereby the Adviser receives an Operating Services Fee, computed daily and payable monthly, at an annual rate of 0.30%, 0.40%, 0.10% and 0.40% of the average daily net assets of the CornerCap Balanced Fund, CornerCap Small‐Cap Value Fund – Investor Shares, CornerCap Small-Cap Value Fund – Institutional Shares and CornerCap Large/Mid‐Cap Value Fund, respectively. The amounts of expenses paid to the Adviser as Operating Services Fees are reflected in the Statements of Operations and the amount of current liabilities are reflected in the Statements of Assets and Liabilities.

The Adviser has contractually agreed to waive fees and reimburse each of the Funds so as to limit each Fund's "Total Annual Fund Operating Expenses" (exclusive of interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) as reflected in the following table:

Fund		Total Annual Fund Operating Expense Limitation
CornerCap Balanced Fund		1.00%
CornerCap Small-Cap Value Fund – Investor Shares		1.30%
CornerCap Large/Mid-Cap Value Fund		1.00%

The contractual agreements cannot be terminated prior to August 1, 2018, without the Board of Trustees' approval.

B. The Funds and the Adviser have entered into the following agreements whereby the Adviser pays any associated fees from the Operating Services Fees it receives from the Funds to Fund operational service providers pursuant to the following agreements:

1) Atlantic Fund Administration, LLC (d/b/a Atlantic Fund Services) ("Atlantic") provides fund accounting, fund administration services and transfer agency services to each Fund. Pursuant to an Atlantic services agreement, the Adviser pays Atlantic customary fees for its services from the Operating Services Fee it receives from the Funds. Atlantic also provides certain shareholder report production, and EDGAR conversion and filing services.

2) Foreside Fund Services, LLC serves as each Fund's distributor (the "Distributor"). The Distributor is not affiliated with the Adviser or Atlantic or their affiliates.

In addition, the Adviser pays all other operating expenses outlined in the Operating Services Agreement.

Semi-Annual Report I September 30, 2017

Notes to Financial Statements

September 30, 2017 (Unaudited)

Certain trustees and officers of the Funds are also directors and officers of the Adviser.

6. PURCHASES AND SALES OF SECURITIES

Investment transactions for the period ended September 30, 2017, excluding U.S. Government and Agency securities and short-term investments, were as follows:

	Purchases		Sales
CornerCap Balanced Fund	$	12,519,624	$	10,353,137
CornerCap Small-Cap Value Fund		67,381,482		61,935,933
CornerCap Large/Mid-Cap Value Fund		13,071,120		12,551,537

7. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940. As of September 30, 2017, Charles Schwab & Co. held approximately 59.45%, 79.02% and 79.27% of the CornerCap Balanced Fund, CornerCap Small‐Cap Value Fund, and CornerCap Large/Mid‐Cap Value Fund, respectively. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the originating broker rather than designated separately).

8. INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. SUBSEQUENT EVENTS

Subsequent events occurring after the date of this report through the date these financial statements were issued have been evaluated for potential impact and the Funds have had no such events.

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Additional Information

September 30, 2017 (Unaudited)

1. PROXY VOTING POLICY

A copy of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the Funds toll‐free at (888) 813‐8637 or on the Securities and Exchange Commission's (SEC) website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12‐month period ended June 30 is also available without charge, upon request, by calling the Funds toll‐free at (888) 813‐8637 and on the SEC's website at http://www.sec.gov.

2. AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULE

Each of the Funds files its complete schedule of positions with the SEC for the first and third quarters of each fiscal year on Form N‐Q. The Funds' Form N‐Q is available on the SEC website at http://www.sec.gov. The Funds' Form N‐Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1‐800‐SEC‐0330. If any of the Funds make the information on Form N‐Q available to shareholders on its website or upon request, the information may be obtained by calling the Funds toll‐free at (888) 813‐8637.

3. COMPENSATION OF TRUSTEES

No interested Trustee, officer or employee of the Funds receives any compensation from the Funds or Adviser for serving as an officer or Trustee of the Funds. Each Independent Trustee receives $5,000 for each Trustees meeting attended in‐person and $3,000 for each Trustees meeting attended by telephone. Members of the Audit Committee are paid $1,500 per Audit Committee meeting, and the Audit Committee Chairman is paid $3,000 per Audit Committee meeting. The Audit Committee will normally meet twice a year. Independent Trustee and Audit Committee compensation is paid by the Adviser.

4. RENEWAL OF THE INVESTMENT ADVISORY AGREEMENTS

The Investment Company Act of 1940 requires that the Board of Trustees of the Funds (the "Board"), including all of the Trustees who are not "interested persons" of the Funds ("Independent Trustees"), annually review the Funds' investment advisory agreements with the Adviser (the "Agreements") and consider whether or not to re-approve them for an additional year. At its meeting on May 9, 2017, the Board, including the Independent Trustees, conducted such a review and approved the continuation of the Funds' Agreements. Andrew B. Sachs, of Kilpatrick Townsend & Stockton LLP and Counsel to the Funds ("Counsel"), directed the Board to a memorandum prepared by Counsel that summarized the Trustees' fiduciary duties and responsibilities in reviewing and approving the Agreements. Counsel discussed with the Trustees the types of information that should be reviewed by the Board and their responsibilities in making an informed decision regarding the approval of the continuance of the Agreements. Thomas E. Quinn, Chief Executive Officer of the Adviser, then reviewed with the Board a memorandum from the Adviser addressed to the Trustees that provided information regarding the Adviser and its business (the "Adviser Memorandum"). In deciding on whether to approve the continuation of the Agreements, the Board considered numerous factors, including:

(i)

The Nature, Extent and Quality of the Services Provided by the Adviser. In this regard, the Board considered the responsibilities CornerCap would have under each of the Agreements. The Board reviewed the operating and investment advisory services provided by CornerCap to each Fund, including, without limitation, its investment advisory services since the Fund's inception, its coordination of services for the Fund among the Fund's service providers, its compliance procedures and practices, its efforts to promote the Funds and assist in its distribution and its provision of officers for the Trust. After reviewing the foregoing information and further information in the Adviser Memorandum, the Board concluded that the nature, extent and quality of the services provided by CornerCap were satisfactory and adequate for

Semi-Annual Report I September 30, 2017

Additional Information

September 30, 2017 (Unaudited)

each of the Funds.

(ii)

The Investment Performance of the Funds and the Adviser. In this regard, the Board compared the performance of each Fund with the performance of its benchmark index, comparable funds with similar objectives and size managed by other investment advisers and comparable peer group indices. The Board also considered the consistency of CornerCap's management of the Funds with the Funds' investment objectives and policies. After reviewing the Funds' short-term and long-term investment performance, CornerCap's experience managing the Funds, CornerCap's historical investment performance and other factors, the Board concluded that the investment performance of each Fund and CornerCap was satisfactory.

(iii)

The Costs of the Services to be Provided and Profits to be Realized by the Adviser and its Affiliates from the Relationship with the Funds. In this regard, the Board considered CornerCap's staffing, personnel and methods of operating; CornerCap's compliance policies and procedures; the financial condition of CornerCap and the level of commitment to the Funds and CornerCap by the principals of CornerCap; the asset levels of the Funds; and the overall fees and expenses of the Funds. The Board also considered CornerCap's past and future expected profitability with respect to the Funds. The Board then reviewed the fees and expenses of each Fund, and compared them to other funds similar in terms of the type of fund, the style of investment management, the size of the fund and the nature of the fund's investment strategy, among other factors. Specifically, the Board determined that each Fund's net expense ratio was lower than some of its comparable funds and higher than others. The Board also considered the decrease in the total net operating expenses implemented in 2016 which had been achieved by CornerCap lowering its operating service fees and expense cap and how these fees compared to the fees charged by CornerCap to its other accounts. Following these comparisons and considerations and upon further discussion of the foregoing, the Board concluded that the fees to be paid to CornerCap by each Fund under the Agreements are appropriate and within the range of what would have been negotiated at arm's length.

(iv)

The Extent to Which Economies of Scale Would be Realized as the Funds Grow and Whether Advisory Fee Levels Reflect These Economies of Scale for the Benefit of the Funds' Investors. Following discussion of the Funds' asset levels, expectations for growth, levels of fees, past adjustments to fees and expense limitation agreements, and the Adviser's continuing commitment to lower fees, the Board determined that each Fund's fee arrangement provided appropriate opportunities for savings and protection for shareholders given the Funds' current asset levels.

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Additional Information

September 30, 2017 (Unaudited)

5. TRUSTEES AND OFFICERS

The business affairs of the Funds are managed under the direction of the Funds' Board of Trustees in accordance with the laws of the State of Massachusetts. Information pertaining to the Trustees and Officers of the Funds are set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), are referred to as "Independent Trustees." Trustees who are deemed to be interested persons of the Trust as defined in the 1940 Act are referred to as "Interested Trustees". The Funds' Statement of Additional Information includes additional information about the trustees and is available upon request by calling toll-free 1-888-813-8637.

INTERESTED TRUSTEES

Name, Address and Year of Birth	Position with the Trust, Term of Office and Tenure	Number of Funds in Complex Overseen by Trustee	Principal Occupation(s) during past 5 years	Other Trusteeships/Directorships by Trustee
Thomas E. Quinn The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1945	Trustee, Chairman of the Board, President, Chief Financial Officer, and Treasurer since 1992	3	Chief Executive Officer, CornerCap Investment Counsel; Vice-Chairman, Church Investments Group (non-profit) (2013-present).	None

INDEPENDENT TRUSTEES

Name, Address* and Year of Birth	Position with the Trust, Term of Office and Tenure	Number of Funds in Complex Overseen by Trustee	Principal Occupation(s) during past 5 years	Other Trusteeships/Directorships by Trustee
Richard L. Boger Born: 1946	Trustee since 1992	3	President & CEO, Lex-Tek International, Inc. (a financial services and software consulting company) (1991-present); Managing Trustee, Boger-Owen FNDN (2012-present); Business Manager, Owen Holdings, LLLP (2003-2013); Heathland Holdings, LLLP (2004-present); and General Partner, Shawnee Meadow Holdings, LLLP (real estate and related companies) (2004-present).	Director, Gray Television, Inc. (1991-present).
Laurin M. McSwain Born: 1951	Trustee since 1994	3	Attorney, Lefkoff, Duncan, Grimes, McSwain & Hass, (2003-present).	None
Leslie W. Gates Born: 1955	Trustee since 2006	3	Retired, 2005. Partner, Williams Benator & Libby, LLP (CPA Firm) (1989-2004).	None
G. Harry Durity Born: 1946	Trustee 1992-2004, since 2010	3	Senior Advisor, Consultant, New Mountain Capital, LLC (asset management company) (2005-present); Director, Overland Solutions, Inc. (audit services) (2009-2014).	Former Director, National Medical Health Card; Director, Website Pros, Inc.; Director, Alexander Mann Solutions (Private Company) (2014-present).

*All Independent Trustees can be contacted via the Funds at:

P.O. Box 588, Portland, Maine 04112

Semi-Annual Report I September 30, 2017

Additional Information

September 30, 2017 (Unaudited)

OFFICERS

Name, Address and Year of Birth	Position with the Trust, Term of Office and Tenure	Number of Funds in Complex Overseen by Trustee	Principal Occupation(s) during past 5 years	Other Trusteeships/Directorships by Trustee
Richard T Bean The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1962	Vice President of the Funds since 1996	N/A	Vice President of the Funds and Portfolio Manager, CornerCap Investment Counsel.	N/A
John A. Hackney The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1966	Chief Compliance Officer since 2004 and Secretary of the Funds since 1999	N/A	Chief Compliance Officer, CornerCap Investment Counsel.	Chief Compliance Officer, Church Investments Group (non-profit)
Gene A. Hoots The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1939	Vice President of the Funds since 1992	N/A	Vice President of the Funds and Chairman Emeritus of CornerCap Investment Counsel.	N/A

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ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)	Included as part of the report to shareholders under Item 1.

(b)	Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Note applicable.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibits filed herewith).

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant CornerCap Group of Funds

By	/s/ Thomas E. Quinn
	Thomas E. Quinn President

Date	November 14, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Thomas E. Quinn
	Thomas E. Quinn President (Principal Executive Officer) and Treasurer (Principal Financial Officer)

Date	November 14, 2017

MUNICIPAL BONDS (0.5%)

Kansas (0.5%)

Johnson County KS, Build America General Obligation Bonds, Unified School District
No. 232, 4.950%, 09/01/2019

TOTAL MUNICIPAL BONDS (COST $150,645)